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2022-12-31-accounts

Charity Registration No. 1129195

Company Registration No. 06815448 (England and Wales)

KADAMPA MEDITATION CENTRE LEEDS

TRUSTEES’ REPORT AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Charity Registration No. 1129195

Company Registration No. 06815448 (England and Wales)

KADAMPA MEDITATION CENTRE LEEDS

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Page
Company Information 1
Trustees’ Report 2
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 8-10
Independent Accountant’s Report 11

Charity Registration No. 1129195

Company Registration No. 06815448 (England and Wales)

KADAMPA MEDITATION CENTRE LEEDS

COMPANY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2022

DIRECTORS:

Mr Nigel Woolsey Ms Deborah Kefford Ms Jennifer Andrews

REGISTERED OFFICE: Ash Mount No. 22 Wetherby Road Oakwood Leeds LS8 2QD

REGISTERED NUMBER: 06815448 (England and Wales)

CHARITY NUMBER: 1129195

ACCOUNTANTS: Partner Accountancy The Gas Light Lower Warrengate Wakefield West Yorkshire WF1 1SA

BANKERS:

HSBC 33 Park Row Leeds LS1 1LD

Page 1

Charity Registration No. 1129195

Company Registration No. 06815448 (England and Wales)

KADAMPA MEDITATION CENTRE LEEDS

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their report and financial statements for the Period ended 31 December 2022.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The charity is a company limited by guarantee incorporated on 10 February 2009 and registered as a charity on 17 April 2009. It is governed by a memorandum and articles of association. The liability of the members in the event of the company being wound up is limited to a sum not exceeding £10.

Recruitment and appointment of the Management Committee

The trustees of the charity are also the directors for the purposes of company law and are appointed by the members at the AGM.

OBJECTIVES AND ACTIVITIES

The charity's objects

To promote the Buddhist Faith under the spiritual guidance of the elected General Spiritual Director of the New Kadampa Tradition - International Kadampa Buddhist Union principally through the activities of teaching, study, practice and the observance of moral discipline all within the Mahayana Buddhist tradition of Atisha and Je Tsongkhapa as taught by Venerable Geshe Keslang Gyatso, the Founder of the New Kadampa Tradition –

International Kadampa Buddhist Union, through the continuous implementation of the three New Kadampa Tradition Study Programmes:

The General Programme, the Foundation Programme, and the Teacher Training Programme.

The charity's main activities

The principal activity of this charitable company is to promote the Buddhist faith. The Centre runs different types of classes that are open to everyone and provides accommodation for those wishing to live in a Buddhist community.

Public benefit statement

In setting our objectives and planning our activities our trustees have given serious consideration to the Charity Commission’s general guidance on public benefit, in particular the advancement of religion, and in particular Kadampa Buddhism.

Page 2

KADAMPA MEDITATION CENTRE LEEDS

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

ACHIEVEMENTS AND PERFORMANCE

We provide regular meditation classes which benefit the general public, helping with stress, anxiety and improving mental health.

We feel these classes have massive benefit to the general public, especially after the very challenging time everyone has experienced, and numbers will start to increase with more able to attend in person (as well as online for the foreseeable future). We also run a café around our classes and our shop is offering different items from books to clothing and stationary.

FINANCIAL REVIEW

The trustees have reassessed the charity’s ability to continue for at least 12 months from the date that the accounts are approved and conclude that no material uncertainties exist that cast significant doubt on the charity’s ability to continue as a going concern.

RESERVES POLICY

The charity’s free reserves, excluding fixed assets, at the year-end were £7,364.

The trustees have agreed to aim to set aside £7,000 (in cash funds) for emergency situations, unexpected expenditure or opportunities for development of the charity. It has been agreed that occasionally funds may drop below this amount but will be closely monitored and reviewed annually by the trustees.

FUTURE PLANS

In the year 2023, our plan is to expand our spiritual programme with more classes during the week at different times of the day with, if possible, morning meditations and evening ones. To achieve this, we will need to train up more teachers coming from people of our community who show an interest in teaching.

Also, a big part of our activity will include the cafe. We are looking for a cafe manager to run it 5 days a week with a menu including hot and cold sandwiches, soups, cakes and scones with the traditional hot and cold drinks. It will also be used to cater during events we sometimes organize including an evening meditation with an evening meal.

Finally, we will count on our shop to bring substantial income to the business with, as main products, the book from Venerable Geshe Kelsang Gyatso Rinpoche but also items such as meditation cushions, prayer beads, stationery, and clothing such as scarfs and gloves.

Page 3

KADAMPA MEDITATION CENTRE LEEDS

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

RESPONSIBILITIES OF THE MANAGEMENT COMMITTEE

Company law requires the Management Committee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the management committee should follow best practice and:

The management committee is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The managements committee is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the detection and prevention of fraud or other irregularities.

TRUSTEES

The trustees, who are also directors for the purpose of company law, shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

Mr Nigel Woolsey Ms Deborah Kefford Ms Jennifer Andrews

ON BEHALF OF THE BOARD OF TRUSTEES:

........................................................................ Mr Nigel Woolsey

........................................................................ Ms Deborah Kefford

........................................................................ Ms Jennifer Andrews

Date:

Page 4

Charity Registration No. 1129195

Company Registration No. 06815448 (England and Wales)

KADAMPA MEDITATION CENTRE LEEDS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

Notes

Income from:
Cafe income
Centre Card

Course income
Donations
Fundraising income
Gift Aid claims
Incoming rent
Visitor accommodation
Other income
Shop income
Bond & Key deposits
Class income
Total income
Expenditure on:
Administration
Advertising
Bank charges
Branch room hire
Building maintenance
Bond & Rent refund
Car
Centre food
Council charges
Course and festival fees
Depreciation
Education
Health and safety
Household
Insurance
Maintenance
Miscellaneous
Mortgage interest
Offerings
Shop expenses
Sponsorship (2)
Travel costs
Utilities
Website
Total expenditure
Net income / (expenditure)
Fund balances brought forward

Fund balances carried forward		 Total

2022

£
3,208
7,275
-
3,514
-
-
39,354
50
8
4,244
215
25,042

172
752
927
320
-
1,270
788
2,816
548
2,047
21,643
10,249
4,996
3,135
2,949
12,422
-
11,048
1,631
3,523
15,280
5,272
21,737
-
(40,615)
204,874

82,910
123,525
164,259		 Total
2021
£
-
3,580
-
4,612
-
-
18,142
-
665
-
420
1,425
1,040
-
-
-
137
517
1,463
320
246
15
20,812
3,190
685
1,855
2,167
3,803
72
10,129
1,028
2,468
2,638
1,159
6,629
72
(31,601)
236,475
28,844
60,445
204,874

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

The notes form part of these financial statements

Page 5

Charity Registration No. 1129195

Company Registration No. 06815448 (England and Wales)

KADAMPA MEDITATION CENTRE LEEDS

BALANCE SHEET
31 DECEMBER 2022
2022
Notes
£
FIXED ASSETS
Tangible assets
(3)
CURRENT ASSETS
Stocks
5,500
Debtors and prepayments
(4)
-
Cash at bank (5)
6,154
11,654
CREDITORS
Amounts due within 1 year (6)
(4,290)
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one
year (7)
NET ASSETS
INCOME FUNDS
Unrestricted funds
TOTAL FUNDS		 £
538,503
7,364
545,867
(381,608)
164,259
164,259
164,259		 2021
£
-
1,950
10,825
12,775
(1,910)		 £
554,600
10,865
565,465
(360,591)
204,874
204,874
204,874

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The notes form part of these financial statements

Page 6

Charity Registration No. 1129195

Company Registration No. 06815448 (England and Wales)

The financial statements were approved by the Board of Directors and were signed on its behalf by:

........................................................................ Mr Nigel Woolsey ........................................................................ Ms Deborah Kefford

........................................................................ Ms Jennifer Andrews

Date:

The notes form part of these financial statements

Page 7

Charity Registration No. 1129195

Company Registration No. 06815448 (England and Wales)

KADAMPA MEDITATION CENTRE LEEDS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Incoming resources

Donations are accounted for when received by the company. Other income is accounted for on an accruals basis as far as is prudent to do so. All income arises in the United Kingdom.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure in which it relates.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity.

Tangible fixed assets

Tangible fixed assets costing more than £750 are capitalised and included at cost including any incidental expenses of acquisition. Gifted assets are shown at the value to the charity on receipt. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight-line basis over their expected useful economic lives as follows:

Freehold land - Not depreciated Freehold buildings - Over 50 years Equipment - 33% per annum Fixture and fittings - 15% per annum

Stock

Stock is valued at the lower of cost and net realisable value.

Accumulated funds

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

Taxation

As a registered charity the company is generally exempt from Income Tax and Capital Gains Tax.

2. SPONSORSHIP

SPONSORSHIP
2022 2021
£ £
Gross sponsorship payments 15,280 2,638

The notes form part of these financial statements

Page 8

Charity Registration No. 1129195

Company Registration No. 06815448 (England and Wales)

KADAMPA MEDITATION CENTRE LEEDS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

3. TANGIBLE FIXED ASSETS

Equipment,
Land
Buildings Fixture & fittings
£
£
£
COST
At 1 January 2022
250,000
333,088
61,442
Additions
-
-
5,546
Revaluation
-
-
-
At 31 December 2022
250,000
333,088
66,988
DEPRECIATION
At 1 January 2022
-
75,780
14,150
Charge for year
-
6,662
14,981
Prior year adjustment
-
-
-
At 31 December 2022
-
82,442
29,131
NET BOOK VALUE
At 31 December 2022
250,000
250,646
37,857
At 1 January 2022
250,000
257,308
47,292
4.
DEBTORS AND PREPAYMENTS
2022
£
Debtors
-
Prepayments
-
-
5.
CASH AT BANK
2022
£
HSBC Community Account
1,524
HSBC Business Money Manager
4,542
Cash in hand
13
Paypal
75
6,154



Totals
£
644,530
5,546
-
650,076
89,930
21,643
-
111,573
538,503
554,600
2021
£
-
1,950
1,950
2021
£
2,638
7,796
219
172
10,825

The notes form part of these financial statements

Page 9

Charity Registration No. 1129195

Company Registration No. 06815448 (England and Wales)

6. CREDITORS AND ACCRUALS

Loans and overdrafts
Tenants’ security deposits
Accruals
Creditors
7.
CREDITS AND ACCRUALS FALLING DUE AFTER ON YEAR
Bank loan
Interest free loans
8.
RELATED PARTY TRANSACTIONS		 2022
£
-
4,290
-
-
4,290
2022
£
281,645
99,963
381,608		 2021
£
-
1,910
-
-
1,910
2021
£
288,777
71,814
360,591

Trustee expenses

No trustee received any expenses during this year or the previous year.

Trustee remuneration and benefits

No trustee received any remuneration or benefit during this or the previous year.

Remuneration and benefits received by key management personnel

The key management personnel of the charity comprises of the trustees and the admin director. No remuneration was received by any person.

Other related party transactions

Loans to the charity
Name of trustee or related party Details
Nigel Woolsey Interest free loan
New Kadampa Tradition Interest free loans		 2022
9,000
90,963
99,963		 2021
9,000
62,814
71,814

The notes form part of these financial statements

Page 10

Charity Registration No. 1129195

Company Registration No. 06815448 (England and Wales)

KADAMPA MEDITATION CENTRE LEEDS

INDEPENDENT ACCOUNTANTS’ REPORT TO THE TRUSTEES ON THE UNAUDITED FINANCIAL STATEMENTS OF KADAMPA MEDITATION CENTRE LEEDS

We report on the accounts of the company for the year ended 31 December 2022, which are set out on pages 3 to 7.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND REPORTING ACCOUNTANT

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 43(2) of the Charities Act 1993 (the 1993 Act) and that an independent examination is needed.

Having satisfied ourselves that the charity is not subject to audit under company law and is eligible for independent examination, it is our responsibility to:

BASIS OF INDEPENDENT EXAMINER’S REPORT

Our examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

INDEPENDENT EXAMINER’S STATEMENT

In connection with our examination, no matter has come to our attention:

(1) which gives us reasonable cause to believe that in any material respect the requirements;

to keep accounting records in accordance with section 386 of the Companies Act 2006; and to prepare accounts which accord with the accounting records, comply with the accounting requirement of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities

have not been met; or

(2) to which, in our opinion, attentions should be drawn in order to enable a proper understanding of the accounts to be reached.

Partner Accountancy The Gas Light Lower Warrengate Wakefield West Yorkshire WF1 1SA

Date:

Page 11